john haskell

Thoughts on Ambac Bailout, MBIA, Berkshire's Muni Bond Backing

every time someone tries to point out that the monolines are teetering, he has to put up with all this "talking your book" BS.

It's as if Churchill, after warning the British people about Hitler for 8 years, and after watching the Germans sweep across France, had to listen to the Chamberlain supporters moan, "yeah, but you are just talking your book."

Let someone explain to me how a reinsurer can simultaneously be rated Aa3 and have its equity be worthless. Until those are reconciled, I recommend that the "talking your book" fools keep silent.